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Subash S



Room No.: HSB 348A
Phone : +91 (44) 2257 4507
Email : subash@iitm.ac.in



Academic Background:

  • Ph.D. (Economics), Indian Institute of Technology Bombay, 2008.
  • M.Phil (Planning and Development), Indian Institute of Technology Bombay, 2003
  • M.S. (Development Economics), Pondicherry Central University, 2001

Areas of Research Interest:

  • Foreign Direct Investment
  • Trade and Technology
  • Applied Industrial Economics

Courses Taught:

  • Microeconomics II
  • Macroeconomics
  • Economics of Industrial Organizations

Teaching and Research Experience:

  • Assistant Professor, Dept. of Humanities, Indian Institute of Technology Madras, Chennai, July 2011 – .
  • Taught a module on Macroeconomics II at Madras School of Economics, March 2011.
  • Consultant, Indian-ASEAN Connectivity: India Country Study, Research and Information System for Developing Countries (RIS), March – June 2011.
  • Assistant Professor (Sr.), VIT University, July to November 2010.
  • Visiting Assistant Professor, IIT Madras, July 2009-July 2010.
  • Assistant Professor, Madras School of Economics, August 2008 – July 2010.
  • UNCTAD India Post Doctoral Fellow, CDS Trivandrum April-July 2008.



Refereed Journals:

  • Bino Paul, Kamal Kumar Murari, Unmesh Patnaik, Chandra Sekhar Bahnipati, Subash S (2023) Sustainability transition for Indian agriculture, Nature Scientific Reports 13(1) May. DOI: 10.1038/s41598-023-34092-0
  • Ketan Reddy, Subash S. (2023) Digitalization and global value chain participation: firm-level evidence from Indian manufacturing. Journal of Industrial and Business Economicshttps://doi.org/10.1007/s40812-023-00270-4 
  • Radeef Chundakkadan, Subash Sasidharan (2023) The role of government support on E-commerce and firm innovation during pandemic crisis, Economic Analysis and Policyhttps://doi.org/10.1016/j.eap.2023.04.021
  • Ketan Reddy, Subash S. (2023) Innovative efforts and export market survival: Evidence from an emerging economy, Technological Forecasting and Social ChangeVolume 186, Part A,
  • Ketan Reddy, Subash S, Nadia Doytch (2022) Outward foreign direct investment and domestic innovation efforts: Evidence from India, Journal of Economics and Business,  https://doi.org/10.1016/j.jeconbus.2022.106084
  • Radeef Chundakkadan, Subash Sasidharan, Rajesh Raj S N (2022) Small Firms amidst COVID-19: Financial Constraints and Role of Government Support, Economic Notes,  DOI: 10.1111/ecno.12206​
  • Ketan Reddy, Subash Sasidharan, Shandre Thangavelu (2022) Does Servicification of Manufacturing Increase the GVC Activities of Firms? Case of India, The World Economy, https://doi.org/10.1111/twec.13318
  • Renjith Ramachandran & Subash Sasidharan (2022): Country of origin and industry FDI agglomeration of MNEs: evidence from India, Transnational Corporations Review, DOI: 10.1080/19186444.2022.2082226
  • Sasidaran Gopalan, Ketan Reddy, Subash Sasidharan (2022) Does Digitalization Spur Global Value Chain Participation? Firm-Level Evidence from Emerging Markets,  Information Economics and Policy. https://doi.org/10.1016/j.infoecopol.2022.100972
  • Ketan Reddy, Subash S. (2022). Servicification and global value chain survival: Firm-level evidence from India. Australian Economic Papers, 1–19. https://doi.org/10.1111/1467-8454.12255
  • Radeef Chundakkadan, Subash S. (2021). Gender gap and access to finance: A cross-country analysis, Review of Development Economics, https://doi.org/10.1111/rode.12830
  • Ketan Reddy and Subash S.  (2021) A Portrait of Global Value Chain Linkages of Indian Manufacturing, Journal of Asian Economic Integration, DOI: 10.1177/26316846211039419
  • Ketan Reddy, Subash S. (2021) Financial Constraints and Global Value Chain Participation: Evidence from India, Journal of International Trade and Economic Development. DOI: 10.1080/09638199.2021.1900343
  • Arfat Sofi, Subash S., M. Y Bhat (2021) Economic growth and club convergence: Is there a neighbour’s effect? International Journal of Finance & Economicshttps://doi.org/10.1002/ijfe.2545
  • Padmaja Mundakkad, Subash S (2021) Financing Constraints and Exports: Evidence from India, Journal of Economics and Finance, 45, 118-145. https://doi.org/10.1007/s12197-020-09532-6​
  • Ketan Reddy and Subash S (2020) Will the COVID-19 change the landscape of financing innovation in India, Economic and Political Weekly, 55(47): 22-24.
  • Subash S. (2020) FDI and Spillovers in India: Any Policy Lessons from Existing Studies?, Indian Economic Journal, Sage. (Accepted)
  • Ketan Reddy, Radeef Chundakkadan, Subash S. (2020) Firm Innovation and Global Value Chain Participation, Small Business Economics. https://doi.org/10.1007/s11187-020-00391-3
  • Ketan Reddy and Subash S. (2020) Driving Small and Medium-Sized Enterprise Participation in Global Value Chains: Evidence from India. ADBI Working Paper 1118. Tokyo: Asian Development Bank Institute. https://www.adb.org/publications/driving-sme-participation-global-value-chains-evidence-india
  • Renjith Ramachandran, Ketan Reddy, Subash S. (2020) Agglomeration and Productivity: Evidence from Indian Manufacturing, Studies in Microeconomics, Vol. 8 (1), Sage.
  • Renjith R, Subash S., Nadia Doytch (2019). Foreign Direct Investment and Industrial Agglomeration: Evidence from India, Economic Systems (Accepted).
  • Radeef Chundakkadan, Subash S. (2019). Central bank’s liquidity provisions and rms’ nancial constraints, Economic Modelling (Forthcoming), Elsevier. https://doi.org/10.1016/j. econmod.2019.10.025
  • Sasidaran Gopalan, Subash S​ (2019) Financial liberalization and access to credit in emerging and developing economies: A firm-level empirical investigation, Journal of Economics and Business. https://doi.org/10.1016/j.jeconbus.2019.105861.
  • Radeef Chundakkadan & Subash Sasidharan (2019) Financial Constraints, Government Support, and Firm Innovation: Empirical Evidence from Developing Economies, Innovation and Development, (Accepted).
  • Alex Eapen, JihyeYeo, Subash Sasidharan (2019) Finance constraints and technology spillovers from foreign to domestic firms. Economic Modelling, Vol. 76, pp. 50-62.
  • Kausik Chaudhuri, Subash Sasidharan, Rajesh Raj S. N. (2018). Gender, small firm ownership, and credit access: some insights from India. Small Business Economics, 1-17. https://doi.org/10.1007/s11187-018-0124-3.
  • R.K. Amit.,  Subash S (2019) Measuring affordability of access to clean water: A coping cost approach, Resources, Conservation and Recycling Vol.141, February, pp. 410-417. https://doi.org/10.1016/j.resconrec.2018.11.003​
  • Rajesh Raj S. N.,  Subash S. (2018) Does the Caste of the Firm Owner Play a Role in Access to Finance for Small Enterprises? Evidence from India, Developing Economies, Vol. 56(4), pp. 267-296. https://doi.org/10.1111/deve.12183
  • Radeef Chundakkadan, Subash Sasidharan (2018) Liquidity pull-back and predictability of government security yield volatility, Economic Modelling (Accepted).
  • Arfat Ahmad Sofi,  Subash Sasidharan (2018) Do Indian States Mimic, Compete or Interact in Local Public Spending? A Spatial Econometric Analysis, Asian Economic Journal, Vol. 32(2). pp. 187-213. https://doi.org/10.1111/asej.12148
  • Subash S., M. Padmaja (2018) Do Financing Constraints Impact Outward Foreign Direct Investment? Evidence from India, Asian Development Review, vol. 35(1): 108–132.
  • Surenderrao Komera, Jijo Lukose, P.J., Subash S. (2017). Does business group affiliation encourage R&D activities? Evidence from India, Asia Pacific Journal of Management
  • M. Padmaja & Subash S (Accepted ) Sunk Costs, Firm Heterogeneity, Export Market Entry and Exit: Evidence from India, Journal of Quantitative Economics.
  • Surender Rao Komera, Jijo Lukose, Subash Sasidharan (2016) Business Group Affiliation and Innovation in Medium and High-Technology Industries in India, in K. Narayanan and N. S. Siddharthan (eds): Technology: Corporate and Social Dimensions, Springer.
  • Rajesh Raj S. N. & Subash S (2015) Impact of International Trade on Manufacturing Employment in India, South Asia Economic Journal, Vol.16(3)
  • Subash S, P.J. Jijo Lukose, Surenderrao Komera (2015) Financing constraints and investments in R&D: Evidence from Indian manufacturing firms, Quarterly Review of Economics and Finance, Vol. 55 (1), pp. 28-39.
  • Subash Sasidharan & Rajesh Raj S N (2014) The growth barriers of informal sector enterprises: evidence from India, Developing Economies, Vol.52, No.4, 351-375.
  • Harishankar Jagadeesh and Subash S (2014), Do Stronger IPR Regime Influence the R&D Efforts: Evidence From The Indian Pharmaceutical Industry, Global Business Review, June, Vol.15.
  • Subash S., Vinish Kathuria (2011) Foreign Direct Investment and R&D: Substitutes or Complements – A Case of Indian Manufacturing after 1991 Reforms, World Development, Vol.39, No.7, pp. 1226–1239.
  • Subash S., K. J. Joseph (2011) Multinational Enterprises and Export Performance: Empirical Evidence from Indian Manufacturing Industries, Economics, Management and Financial Markets, Vol. 6, No. 1, pp.239-256.
  • Anabel Marin., Subash S (2010), The Heterogeneity of MNC’ Subsidiaries and Technology Spillovers: Explaining Positive and Negative Effects in Emerging Economies, Research Policy, Vol. 39, No.10, pp. 1227–1241.
  • Chiara Franco., Subash S (2010) MNEs, Technological Efforts and Channels of Export Spillovers: An Analysis of Indian Manufacturing Industries, Economic Systems, Vol. 32. No. 3, pp. 270-288.
  • Subash S., A. Ramanathan (2007), FDI and Spillovers: Evidence from Indian Manufacturing Industries, International Journal of Trade and Global Markets, Vol.1, No.1, pp.5-22.
  • Bino Paul, Subash S., A. Ramanathan. (2005), Concentration in Knowledge Output: a Case of Economics Journals, European Journal of Comparative Economics, Vol. 2, No. 2, pp. 261-279.
  • Subash S., Bino Paul, A. Ramanathan (2004), Technical Efficiency in Rice Production: An Application of Stochastic Frontier Analysis, Indian Journal of Regional Science, Vol. 36, No. 1, pp 118-126.

Book Chapters:

  • Radeef Chundakkadan, Subash S. (2020) Innovation and exports: evidence from Indian enterprises, in  Ajitava Raychauduri, Prabir De, Suranjan Gupta (Eds) World Trade and India: Multilateralism, Progress and Policy Response, New Delhi:Sage.
  • Subash S., Rajesh Raj S. N (2020) MSMEs and COVID-19, in AIC-EEPC, eds. 2020. COVID-19: Challenges for the Indian Economy – Trade and Foreign Policy Effects. ASEAN-India Centre (AIC) – Engineering Export Promotion Council of India (EEPC), New Delhi.
  • Arfat Ahmad Sofi, Subash S. (2020). FDI, Labour Market and Welfare: How Inequality Navigate Welfare Loss? in K. Narayan and N S Siddharthan (Eds.) FDI, Technology and Innovation, New Delhi: Springer.
  • Surender Rao Komera, Jijo Lukose, Subash S. (2016) Business Group Affiliation and Innovation in Medium and High-Technology Industries in India, in K. Narayanan and N. S. Siddharthan (eds): Technology: Corporate and Social Dimensions, Springer.

Conference/Workshop Presentations:

  • Arfat Ahmad Sofi & Subash S, (2018) FDI, Labor Market, and Welfare: How Inequality Navigate Welfare Loss?, Presented at the Sixteenth International Convention of the East Asian Economic Association, National Taiwan University, Taipei, October 27-28.
  • Subash S (2015) Does Business Group Affiliation encourage R&D activities: Evidence from India, 8th Conference on Micro Evidence on Innovation and Development (MEIDE) organized by OECD, World Bank and UNU-MERIT Maastricht, 10-12 February 2015, New Delhi, India (co-authored with P.J. Jijo Lukose, Surenderrao Komera).
  • Rajesh Raj S. N. & Subash S (2014) Impact of International Trade on Manufacturing Employment in India, Two Day National Seminar on Applications of Panel Data, CESS Hyderabad, 26-27 March.
  • Subash S, P.J. Jijo Lukose, Surenderrao Komera (2013) Financing Constraints and Investments in R&D: Evidence from Indian Manufacturing Firms, VIII Annual Conference of Forum for Global Knowledge Sharing, October 25 – 27, IIT Bombay.
  • Subash S & Rajesh Raj S. N(2013) Barriers to Growth Among Informal Sector Enterprises in India, presented at the First Enterprise Performance in Asia Conference, Cebu City, Philippines, November.
  • Adamos Adamou & Subash S (2012) R&D, FDI and Firm Growth: Evidence from Indian Manufacturing Industries, 48th Annual Indian Econometric Society Conference, Pondicherry University, January.
  • Chiara Franco and Subash S. (2011) MNEs, Export Spillover and Firm Heterogeneity: a Case of Indian Manufacturing Industries, Workshop on Impact of Economic Reforms on Productivity Growth in India, IIT Bombay, March 17-18.
  • Subash S (2010) FDI and Spillover Effects: An Overview, Training Programme on Indian Corporate Sector for Young Economists, held at Institute for Studies in Industrial Development, New Delhi, September.
  • Chiara Franco and Subash S (2009) MNEs and Export Spillovers: An Analysis of Indian Manufacturing Industries, Fourth Annual Conference of the Forum for Global Knowledge Sharing, Tata Institute of Social Sciences, Mumbai, October.
  • Anabel Marin, Subash S & Ionara Costa (2006) MNC Subsidiaries and Technology Diffusión in Late Industrialising Countries: A Comparison of Argentina and India, presented at the Third Annual Conference on Growth and Development at the Indian Statistical Institute Delhi, December 13-15 & Fourth Annual GLOBELICS Conference held at the Center for Development Studies, Thiruvananathapuram, October 4-7.
  • Subash S (2006), FDI and Technology Spillovers: Evidence from Indian Industries, presented at the First Annual Max Planck India Workshop on Entrepreneurship, Innovation and Economic Growth held at the Indian Institute of Science Bangalore March 29-31.
  • Bino Paul, G. D, Subash S., A. Ramanathan (2004), Concentration in Knowledge Output: a Case of Economics Journals, presented at the 40th Annual Conference of the Indian Econometric Society held at Institute of Social and Economic Change, Bangalore, India.

Working Papers:

  • Anabel Marin., Subash S (2008), “The Heterogeneity of MNC’ Subsidiaries and Technology Spillovers: Explaining Positive and Negative Effects in Emerging Economies”, UNU- MERIT Working Paper No. 2008-066, Maastricht, The Netherlands.
  • Subash S., Vinish Kathuria (2008), “Foreign Direct Investment and R&D: Substitutes or Complements – A Case of Indian Manufacturing”, SLPTMD Working Paper, University of Oxford.
  • Adamos Adamou., Subash S (2008), “The impact of R&D and FDI on firm growth in emerging-developing countries: evidence from Indian Manufacturing Industries”, Working Paper No. 38, Madras School of Economics, Chennai.
  • Subash S (2006), “FDI and Technology Spillovers: Evidence from Indian Manufacturing Industries”, UNU-MERIT Working Paper No. 2006-010, Maastricht, The Netherlands.

Research Project:

  • Barriers to Growth Among Informal Sector Enterprises in India, funded by AIM Scientific Research Foundation Manila, Philippines, February -November 2013.


  • UNCTAD India Post Doctoral Fellowship, 2008.
  • PhD Internship, United Nations University-MERIT, Maastricht, The Netherlands, October-December, 2005.
  • Gold Medallist M.S. (Development Economics), Pondicherry Central University.
  • National Eligibility Test for Lectureship in Economics (UGC-NET) conducted by University Grants Commission, India.
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